The global Bric Automotive Plastics Market is estimated to be valued at Us$ 25,898.21 Mn Or Mn in 2022 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2022 To 2030, as highlighted in a new report published by Coherent Market Insights.
Automotive plastics are widely used in vehicles due to their light weight property and ability to withstand extreme temperatures which increases the fuel efficiency of the vehicles. These plastics are used in various car components such as bumpers, instrument panels, interior and exterior trims, airbags, fluid containers, and electrical components. The high demand for lightweight and durable materials from automotive industry is driving the growth of BRIC automotive plastics market.
Market key trends:
One of the key trends witnessed in the BRIC automotive plastics market is shift towards sustainable and recyclable plastics. Rising concerns regarding carbon emissions from automotive industry has increased the focus on developing environment-friendly solutions. Major automakers are investing in R&D activities to manufacture recyclable plastic components which can be recycled back into the production process. Development of bio-based plastics from agricultural waste is also gaining significance. For example, Bayer Material Science offers polyurethane solutions developed from castor oil for automotive interiors which enhances sustainability.
Threat of new entrants: The BRIC automotive plastics market has moderate threat of new entrants due to the presence of established players and requirement of large capital investments for production facilities and R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established players offering diverse product range for automotive plastics.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of many suppliers for raw materials used in manufacturing of automotive plastics.
Threat of new substitutes: The threat of new substitutes is low as plastics offer advantages over other materials for automotive applications in terms of weight reduction, durability and design flexibility.
Competitive rivalry: The competitive rivalry is high owing to presence of many domestic as well as international players competing on basis of product portfolio, pricing and quality.
The global BRIC Automotive Plastics Market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand for lightweight materials in automotive industry. China dominates the BRIC automotive plastics market owing to large automotive production in the country.
China is expected to dominate the BRIC automotive plastics market during the forecast period. This is attributed to abundant availability of raw material and presence of leading automotive OEMs and plastic resin manufacturers in the country. Brazil is anticipated to witness fastest growth in BRIC automotive plastics market due to increasing automotive production and demand for lightweight vehicles.
Key players operating in the BRIC automotive plastics market are Bayer Material Science, Lyondell Basell, Dow Chemicals Company, Polyplastics Group, Sibur, China XD Plastics Company Ltd., and Saudi Basic Industries Corporation (SABIC).
- Source: Coherent Market Insights, Public sources, Desk research
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